Medtronic plc (NYSE:MDT) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC trimmed its position in shares of Medtronic plc (NYSE:MDT) by 15.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,338 shares of the medical technology company’s stock after selling 4,198 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Medtronic were worth $1,837,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. LifeSteps Financial Inc. purchased a new stake in Medtronic in the 1st quarter valued at approximately $27,000. Lynx Investment Advisory acquired a new position in Medtronic during the second quarter worth $28,000. Tributary Capital Management LLC acquired a new position in Medtronic during the first quarter worth $33,000. Riverview Trust Co purchased a new position in Medtronic in the first quarter worth $39,000. Finally, Fortis Group Advisors LLC raised its position in Medtronic by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 460 shares of the medical technology company’s stock worth $38,000 after acquiring an additional 230 shares in the last quarter. 82.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MDT has been the topic of a number of recent analyst reports. Daiwa America raised shares of Medtronic to a “strong-buy” rating in a research note on Friday, August 23rd. Truist Financial increased their target price on shares of Medtronic from $85.00 to $90.00 and gave the company a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group assumed coverage on Medtronic in a research note on Thursday, May 30th. They set a “sell” rating and a $83.00 price target on the stock. Stifel Nicolaus raised their price objective on Medtronic from $85.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $92.00 target price on shares of Medtronic in a research report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $92.92.

Medtronic Trading Down 0.6 %

Medtronic stock opened at $88.13 on Thursday. The stock has a 50-day moving average price of $84.32 and a 200 day moving average price of $82.91. Medtronic plc has a 52 week low of $68.84 and a 52 week high of $91.49. The stock has a market cap of $113.01 billion, a PE ratio of 32.05, a P/E/G ratio of 2.57 and a beta of 0.84. The company has a current ratio of 2.13, a quick ratio of 1.61 and a debt-to-equity ratio of 0.55.

Medtronic (NYSE:MDT) last issued its quarterly earnings results on Tuesday, August 20th. The medical technology company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.03. The business had revenue of $7.97 billion during the quarter, compared to the consensus estimate of $7.90 billion. Medtronic had a net margin of 12.06% and a return on equity of 13.68%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 earnings per share. Equities research analysts predict that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Medtronic Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, September 27th. Medtronic’s dividend payout ratio is presently 101.82%.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.